Banks Back Blockchain Project to Test Overhauling Finance
- JPMorgan, Barclays among banks evaluating bitcoin technology
- Wall Street race is on to figure out blockchain's potential
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Some of the world’s biggest banks, including JPMorgan Chase & Co. and Barclays Plc, are exploring the use of bitcoin’s underlying technology to overhaul financial markets.
The group has joined forces with R3, a startup run by a former ICAP Plc executive, to develop standards and protocols for deploying blockchain -- as the ledger technology is known -- to speed up the execution and settlement of trades in markets such as syndicated loans and repurchase agreements. R3 and the banks plan to test and validate how the software can be applied to markets, according to a statement Tuesday.